Today’s new update includes links to Goldman Sachs, Women Allowed on Submarines and California Embraces Healthcare Legislation.
U.S. reportedly considering Goldman criminal charges
NEW YORK (MarketWatch) — Federal prosecutors are looking into whether to charge Goldman Sachs Group Inc. or its employees with criminal securities fraud, according to a Wall Street Journal report.
US Navy Allows Women on Submarines
The U.S. Navy formally announced on Thursday that it will for the first time recruit women into its submarine force.
It has been 20 years since the Navy first allowed women to serve on its surface warfare ships. But submarines remained off-limits for several reasons.
Schwarzenegger embraces federal healthcare legislation
As other GOP governors look to the courts to roll back the federal healthcare overhaul, Gov. Arnold Schwarzenegger on Thursday embraced the legislation and announced that he is directing his administration to begin implementing the new system in California.
In today’s news updates we provide links on China’s economic clout, Senate deal on Swaps and South Africa’s massive HIV Prevention and Treatment Campaign.
South Africa: Govt Launches Massive HIV Prevention and Treatment Campaign
Johannesburg — President Zuma today launched an ambitious campaign that could alter the face of the AIDS epidemic, in South Africa and globally. The campaign aims to test 15 million people for HIV by the year 2011, up from 2.5 million in 2009 – a six-fold increase in just two years. Through the campaign, 1.5 million people will receive antiretroviral treatment by June 2011, up from about 1 million in 2009.
Economic clout rising, China takes No. 3 seat on World Bank
Beijing – China has earned a new degree of recognition for its growing influence on the global economy, after members of the World Bank decided Sunday to increase Beijing’s voting power behind only the United States and Japan in the international lending body.
Bank Shares Show Little Reaction Premarket To Senate Deal On Swaps
NEW YORK (Dow Jones)–Financial shares were showing little reaction in premarket trading Monday to news that key Senate Democrats have reached a tentative deal on sweeping new rules for the derivatives market that is expected to force major Wall Street banks to spin off their swaps desks.
Under the deal, between Senate Banking Chairman Christopher Dodd, (D., Conn.) and Agriculture Chairwoman Blanche Lincoln (D., Ark.), the derivatives portion of the bill will include a controversial provision that would force banks to spin off their swaps desks to be eligible for federal financial assistance from the Federal Reserve and Federal Deposit Insurance Corp.
Senior citizens are by far the biggest losers in health care reform. Consider that:
- More than half the cost of health care reform will be paid for by $523 billion of cuts in Medicare spending over the next ten years.
- Although there are some new benefits for seniors (mainly new drug coverage), the costs exceed the benefits by a factor of more than ten to one.
- As many as 8.5 million of the 11 million seniors in Medicare Advantage (MA) plans may lose their coverage, according to Medicare’s Chief Actuary.
- Those lucky enough to retain their MA coverage will face steep cuts in benefits or hefty increases in premiums or both.
- In addition to these direct costs there are indirect costs, including new taxes on drugs and medical devices. Although these taxes don’t single out senior citizens, who do you think are the heaviest users of wheelchairs, crutches, artificial joints, pacemakers, etc.?
- To make matters worse, severe rationing problems lie ahead, as 32 million newly insured people try to double their consumption of medical care under a reform bill that produces not one new doctor or nurse or other paramedical personnel. Because many of the newly insured will be in private plans paying market rates, they will be more attractive to doctors than Medicare enrollees paying about 20% to 30% less.
So how did this happen? Aren’t senior citizens supposed to be the most powerful voting bloc? Aren’t they supposed to be represented by the all-powerful AARP?
Unfortunately for seniors (and indeed all Medicare enrollees), AARP sold out its own members. Just as the AMA sold out the doctors and the labor unions sold out their own members, AARP signed on to legislation that helps AARP but hurts the millions of people who AARP claims to represent.
Continue reading about senior citizens and health care reform on John Goodman‘s blog.
Today’s news updates include links on Wall Street, K-State Goes ‘Green’ and Air Traffic in Europe.
Wall Street gives much to lawmakers in reform debate
The political action committees of six Wall Street banks spent the first quarter of 2010 giving handsome donations to Republicans and Democrats who are critical to passing legislation that could determine the future of the U.S. financial sector.
The banks — JPMorgan Chase, Wells Fargo, Citigroup, Bank of America, Morgan Stanley and Goldman Sachs — gave about $106,000 to 12 members of the Senate and House of Representatives who sit either in leadership positions or on the committees that forged the measures.
K-State listed as ‘green school’
MANHATTAN — Move over, purple. Kansas State University is going green.
That is the view of new guidebook about institutions of higher education that have demonstrated an above-average commitment to sustainability in terms of campus infrastructure, activities and initiatives.
K-State is the only school in Kansas to be included in the newly released “Princeton Review’s Guide to 286 Green Colleges,” a free comprehensive guidebook that profiles the nation’s most environmentally responsible campuses. The book was developed by The Princeton Review in partnership with the U.S. Green Building Council.
Europe seeks new air traffic control system
BRUSSELS — The European Union speeded up action on a sweeping reform of its air traffic control system Friday after a crisis over volcanic ash turned much of the continent into a no-fly zone for days.
“The worst is now over, but there is a huge amount of work to be done to deal with crisis management,” EU Transport Commissioner Siim Kallas told reporters.
In today’s weekend updates we provide links to the volcanic eruption in Iceland, Americans views of Washington, Goldman-Sachs’ fraud charges and Toyota’s fines for the recall.
Weekend footage of the volcano eruption
According to the UK’s Met Office, the eruption of the Eyjafjallajoekull volcano in Iceland is “weakening”, but weather patterns, for the time being, continue to blow volcanic ash towards the UK.
By almost every conceivable measure, Americans are less positive and more critical of their government these days. There is a perfect storm of conditions associated with distrust of government—a dismal economy, an unhappy public, and epic discontent with Congress and elected officials.
TAKE-A-LOOK-Goldman Sachs faces fraud charges
The U.S. Securities and Exchange Commission accused Goldman Sachs Group of fraud in the structuring and marketing of a debt product tied to subprime mortgages. Following is a collection of related Reuters stories.
Toyota Agrees to Pay $16.4 Million Fine in Recall
Transportation Secretary Ray LaHood said Monday that Toyota had agreed to pay a $16.4 million fine, the largest government penalty ever against an automaker, for concealing information related to its sticking pedal recall.
Today’s news update provides links related to Bank of America, General Electric and Goldman.
Bank of America Continues to Improve
The bank, which is often considered a bellwether for the American economy, said Friday morning that it clawed back to profitability in the first quarter after two consecutive periods of losses.
It had been battered over the last year by huge losses in consumer loans and a costly merger with Merrill Lynch that sank its share price.
GE Profit Tops Estimates as Energy Unit Earnings Gain (Update2)
April 16 (Bloomberg) — General Electric Co. reported first-quarter profit that topped analysts’ estimates as the finance unit stabilized and industrial equipment and service orders stayed level.
Profit from continuing operations fell to 21 cents a share from 26 cents a year earlier, the Fairfield, Connecticut-based company said today in a statement. The results exceeded the 16- cent average estimate of 10 analysts surveyed by Bloomberg. Revenue dropped 4.8 percent to $36.6 billion, trailing analysts’ projections.
Goldman Director Gupta to Leave
Rajat Guptatold Goldman Sachs Group Inc. in March he wouldn’t stand for re-election as a director, after receiving notice from prosecutors that they were reviewing recorded conversations between him and Galleon Group founder Raj Rajaratnam, people close to the matter say.
Mr. Gupta, a Goldman director since 2006, said through a spokesman that his decision to step down was because of “other commitments.”
Today’s news updates offers links to stories relating to China’s earthquake, the diet that fights alzheimers and the state of nurse practitioners’ authority in the country.
Rescuers Seek Survivors of China’s Earthquake
SHANGHAI—Rescuers used shovels, pry bars and their bare hands to dig through the rubble of collapsed homes and schools as they raced to find survivors of a severe earthquake that authorities said killed about 400 people and injured roughly 10,000 in a remote, predominantly Tibetan community in western China.
The quake hit shortly before 8 a.m. Wednesday, jolting mountainous Yushu prefecture, part of the Chinese province of Qinghai on the Tibetan plateau, and flattening most of the town of Jiegu, one of the area’s main population centers. About 97% of the people in Yushu are ethnically Tibetan. Many earn their living raising yaks, sheep and horses.
Alzheimer’s and Diet: Good for Heart May Be Good for Brain
A diet rich in fruits and vegetables as well as omega-3 fatty acids may not only be good for your heart — it may also reduce the risk of developing Alzheimer’s disease.
Looking at more than 2,000 dementia-free adults ages 65 and older, researchers revealed that persons who consumed a Mediterranean-type diet regularly were 38 percent less likely to develop Alzheimer’s disease over the next four years, according to Dr. Nikolaos Scarmeas of Columbia University in New York and colleagues.
The findings were published online in the journal Archives of Neurology.
States May Give Nurse Practitioners More Authority
With the U.S. facing a shortage of primary care physicians, several states are considering giving more authority to nurse practitioners, according to an April 13 article by AP Medical Writer Carla K. Johnson.
By definition, a nurse practitioner is a registered nurse who has completed an advanced medical education program, usually resulting in a master’s or doctorate degree. They are trained in the diagnosis and treatment of most common medical conditions, and are currently allowed to treat a limited number of mental or physical ailments and provide other health care services.
In today’s News Update, we have links referencing the American economy, nuclear security and another health care update.
Why So Glum? Numbers Point to a Recovery
The American economy appears to be in a cyclical recovery that is gaining strength. Firms have begun to hire and consumer spending seems to be accelerating.
That is what usually happens after particularly sharp recessions, so it is surprising that many commentators, whether economists or politicians, seem to doubt that such a thing could possibly be happening.
Nuclear Security Summit May Bring U.S., China Closer
After months of frosty dealings between the U.S. and Chinese governments, the two countries’ presidents plan to meet in Washington, D.C., on the sidelines of a nuclear security summit. There are signs that both sides may make concessions on the Iranian nuclear issue and trade and currency policies.
China’s explanation for the chill in recent relations is that by meeting with Tibetan religious leader the Dalai Lama and selling arms to Taiwan, President Obama and his administration have trampled on China’s core national interests, a term Chinese officials have been using a lot these days to denote issues they see as nonnegotiable.
2010 May Health Care News (full text PDF)
The May issue of Health Care News leads with President Barack Obama’s signing of the federal health care overhaul legislation … and a report on Virginia’s passage of a “health freedom law” that aims to protect the state’s citizens from government-imposed individual mandates.
Also in this issue:
* The treasurer of Massachusetts warns the national equivalent of Commonwealth Care could bankrupt the country.
* Business, unions, and pharmaceutical interests pour cash into advertising.
* Reform in the name of more-efficient data collection could force patients to disclose more than they wish.
* The rationale may be public health, but data indicate it’s just a new revenue stream.
* Language in the federal health care overhaul keeps committee and leadership staff who drafted the bill from being forced to purchase insurance in new exchanges.
* The future of health care reform could be altered dramatically by lawsuits over whether the individual mandate is constitutional.
On Health Care:
With respect to other basic needs (food, clothing, shelter, physical safety, etc.) all developed countries have safety net institutions that — often very imperfectly — ensure that the least well-off have some minimal provision. Beyond that, whether people get more or better depends on their income, wealth and personal preferences. No one seriously argues that we should all eat the same kind of food, wear the same kind of clothes or live in identical housing.
But with respect to health care, attitudes are often very different. Here is what the founders of the British National Health Service (NHS) had to say:
Aneurin Bevan, father of the NHS, declared that “everyone should be treated alike in the matter of medical care.” The Beveridge Report, the blueprint for the NHS, promised “a health service providing full preventive and curative treatment of every kind for every citizen without exceptions.” The British Medical Journal predicted in 1942 that the NHS would be “a 100 percent service for 100 percent of the population.” The goal of NHS founders was to eliminate inequalities in health care based on age, sex, occupation, geographical location and-most importantly-income and social class. As Bevan put it, “the essence of a satisfactory health service is that rich and poor are treated alike, that poverty is not a disability and wealth is not advantaged.”
In the modern era, here is Uwe Reinhardt saying much the same thing. Yet as I have written previously, Britain has not only fallen short of this goal, its own internal studies suggest that inequality of access to care in Britain is greater today than when the NHS was started after the end of World War II. So here are three questions to help us think about this problem:
Is it possible even in principle to make access to health care independent of income, wealth, social status and other patient characteristics?
Even if it were possible, is it always desirable?
If it’s neither possible nor always desirable, why do so many people insist on talking about it?
Think of this as being introduced to a socialist high, followed by the real downer of coming back to earth.
In today’s news update we provide links to what is happening in Pakistan, an economic outlook on oil and rate projections with health care reform.
Attack on US consulate in Peshawar, Pakistan
At least seven people have died after suspected militants attacked the US consulate in the north-western Pakistani city of Peshawar.
There were several explosions in the area near the consulate and buildings collapsed. A gun battle between police and the attackers followed.
Pakistan’s main Taliban faction said it had carried out the attack, and that the US consulate was the target.
Officials said the attack was well organised but order had been restored.
US officials also confirmed the consulate was the target of the attack, but it is unclear whether the building suffered any damage.
Oil hits 18-month high on economic outlook
(Reuters) – U.S. crude futures hit an 18-month high on Monday, climbing toward $86 per barrel on expectations of faster-than-expected economic recovery and increasing demand for fuel.
Data on Friday showed U.S. employers created jobs in March at the fastest rate in three years. Non-farm payrolls rose 162,000, only the third increase since the U.S. economy fell into recession in late 2007 and the largest since March 2007.
U.S. manufacturing is also expanding at its fastest pace for more than five years, while Chinese manufacturing is picking up and Japanese business sentiment is also improving.
Rate hikes likely with health care reform
A few years ago when Raul Holgun was diagnosed with diabetes, his insurance doubled from $1,500 to $3,000 monthly.
Holgun, who owned a business in Highland at that time, had no choice: The policy had to be canceled.
Before the passage of the health care reform legislation last month, it would be at the very least difficult, if not impossible, for Holgun, now 61, to get health insurance.
But the powerful force of health care reform that will keep others from experiencing what Holgun did will also add fresh fuel to the already raging wildfire of health care costs.
